According to a recent article that I read, reaching the seven-figure mark (savings/retirement) is easier than you may think. But if this is the case, then why do only about 7% of American households ever reach this mark? The three keys to success: 1) the amount of time you allow, 2) the amount you save per year, and 3) how you invest (mix of stocks and bonds, aggressive or conservative investing, etc.). The real key is to get started as early as possible in your career (but also realize that it is never too late to start . . . you just make it more difficult to hit the mark the longer you delay).
Here are some fun “millionaire” facts . . .
– 14% say their parents are wealthy.
– 90% are college grads.
– Only 5% have law degrees.
– Only 3% went to medical school.
– One in six millionaires is single.
– 61% say they still have a lot to learn about investing.
– $31,400 is the median price of a millionaire’s car.
– States with the highest percentage of millionaires: AK, CA, VA, DC, MD, NJ, CT, MA, NH.
– States with the lowest percentage of millionaires: ND, SD, OK, AR, LA, MS, AL, TN, KY, WV.
– The amount that millionaires save or invest annually: $39,300.
– Warren Buffett earned his first million by age 31 — this represents .002% of his current fortune.
– 42% say they do not feel wealthy.
– The buying power of $1 million today’s dollars: $744,100 in 2021, $553,700 in 2031, $412,00 in 2041.
– $1 million was the “ransom” asked for in the 1971 version of the movie The Taking of Pelham One Two Three. $10 million was the amount asked for in the 2009 remake.
– 3,936 pounds of osetra caviar you could purchase with $1 million in 1984; 324 pounds you could buy today.
Food for thought. So, how far along the way are you?